San Francisco-based cryptocurrency exchange Coinbase is reportedly planning to hire more than 100 employees for its newly opened New York City office, in an apparent effort to boost its connection with the institutional investors found on Wall Street.
According to a recent CoinDesk report, the NYC office currently has 20 employees with a goal to bring the number to 150 by next year. A large number of these new employees will reportedly come from traditional financial firms.
Adam White, general manager of Coinbase Institutional, has indicated that institutional investors have not lost interest in crypto, despite the volatility and price action in 2018.
“When we saw the market begin to correct, which we all expected, institutions didn’t lose interest. It was exactly the opposite. They look at it as an opportunity to enter when things are not too frothy,” White told CoinDesk.
The news comes just a week after reports revealed that Coinbase has doubled its global staff from 250 to 500 since setting the goal earlier this year. The staff members were reportedly added quicker than anticipated, despite the ongoing bear market that has significantly hurt trading volume.
Coinbase’s continued expansion indicates the company is still doing well, even as other exchanges have started to consolidate operations. San Francisco-based Kraken has recently laid off 57 North America-based employees, reducing the exchange’s client services team by 10%.
Coinbase ultimately plans to become a global enterprise with additional offices launching in Asia and Latin America.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.